1Berkshire and the MassHire Berkshire Workforce Board are partnering to promote an owner transition survey from the Northeast Transition Initiative (NETI).
NETI’s Ownership Transition Intentions Survey seeks feedback from small business owners across the Northeast about their businesses and their plans for exiting their businesses in order to help facilitate improved outcomes for local economies. The survey helps NETI gather information about small business owners’ intended actions related to exit planning and creates an avenue to help connect those business owners with agencies and experts that can aid them in planning, regardless of how soon they intend to exit.
Business owners are encouraged to complete the survey (which will allow them to indicate that they would like to connect with someone to discuss exit planning) here: https://bit.ly/4kp99yQ.
According to NETI, only 20% of business owners say that they have a plan for what to do with their businesses when they retire, and only 20% of business listings ever sell. On average, for every business that sells, nine others liquidate and close. Additionally, the largest avoidable source of job loss is from business closings due to owner retirement.
NETI has established a Fellowship to educate professionals that work with businesses about succession and transition, preparing them to help owners navigate the exit planning process and the broad network of agencies, programs, and individual service providers that can provide support. 1Berkshire’s Deputy Director of Economic Development Kevin Pink and MassHire Berkshire Workforce Board’s Manager of Industry Relations Bryana Malloy are fellows in the program this year, and as part of their work, are promoting this survey to businesses across Western Massachusetts.
“Nationally, half of business owners are older than the age of 50. In many rural regions, half of business owners are over 60. The approaching retirement of small business owners in large numbers presents a variety of challenges, with those challenges often being more significant in rural areas,” says Kevin Pink of 1Berkshire. “If a business is the sole business of its kind or one of just a few in the region, its closure might leave its workers without the opportunity to continue working in the same field and might leave the region unserved or underserved by businesses in that field. Both of these situations meaningfully affect the region’s quality of life.”
“There are many options for business owners to explore when it comes to exit planning, which is a wonderful thing.” says Bryana Malloy of MassHire. “No matter what stage the business owner is in, taking that first step and accessing the available resources is so critical.”
Business owners of all ages are encouraged to complete the survey, which will offer them the option to connect with exit planning resources, and help NETI aggregate data about business owner transition plans throughout the Northeast. This data will provide a clearer picture of business owner intentions and needs, allowing NETI to develop and target resources to improve outcomes.
About 1Berkshire
1Berkshire is a county-wide marketing and economic development organization that works to simultaneously preserve, position, and promote Berkshire County’s profound sense of place. Its mission is to advance Berkshire County’s economy by advocating for the business community and attracting visitors. Powered by membership, 1Berkshire provides programs that connect businesses with resources and potential customers, as well as develop future leaders and support entrepreneurs. For more information, visit 1Berkshire.com.
About MassHire Berkshire Workforce Board
The Berkshire Workforce Board is a high performing workforce board that develops partnerships, generates resources, and advocates for workforce solutions that result in a skilled workforce, prospering businesses, and equitable access to meaningful career pathways and quality employment for residents and youth. www.MassHireBerkshire.com